After yesterday’s close, U.S. President Donald Trump signed an executive order banning telecommunications equipment from “foreign adversaries,” an obvious attack on China’s Huawei. That’s also a clear escalation of the trade war, one that was met by a comments from China’s Commerce Ministry that increased tariffs “severely hampered” negotiations.

But is the stock market down? No way. The Dow has advanced 243.21 points, or 1%, to 25,891.23, while the S&P 500 has risen 1.2% to 2884.35, and the Nasdaq Composite has gained 1.3% to 7920.63.